I wrote a few weeks ago about the recent scandal at Wells Fargo bank, where 5300 Wells Fargo employees were fired for allegedly creating over 2 million unauthorized accounts. Reading some of the discussion about how insane the corporate culture was, either at some or all Wells Fargo branches is quite crazy and a bit insightful to how this could happen.
I’m sure that many of those reading Points With a Crew have some familiarity with Wells Fargo, especially the credit card that gives 5% on all purchases for the first 6 months. There’s a reason Richard Kerr’s favorite number is (was) 2525. Now I guess we know where all the revenue came from to fund all those 5% cashback purchases! 🙂
Wells Fargo former employees speaking out
In any case, more information on the Wells Fargo story continues to come out, including some insights into the corporate culture that let it happen. Here’s an article in the New York Times that tells the stories of some of the people that work or used to work for Wells Fargo. I thought I would share a couple of the comments from Wells Fargo (current and/or former) employees
From that point, I began drinking the hand sanitizer
Angie Payden, a former banker shares 4 things that she was forced to do things including “opening travel checking accounts for customers by convincing them that it was unsafe to travel without a separate checking account and debit card”
I thought I was having a heart attack
Scott T shares that he “was once scolded for not selling an elderly lady a credit card by telling her that she could use it as a form of ID if she went to a teller who didn’t know her. Even if a customer didn’t want access to online banking, we were taught to force them into it. If they didn’t have an email to use for online banking, make one up. Once they logged into online banking for the first time, you made a sale.”
I moved to a new branch, and the goals in that branch were so insane that there was no way to reach them without lying or committing fraud
The entire article over at the New York Times is worth a read if you’re interested in the banking / credit card industry
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Dan Miller travels with his wife and 6 (SIX!) children. He loves to help families travel for free / cheap, especially larger families. If you are looking for help, drop him an email at 
Plenty of people have hated their jobs without resorting to drinking hand sanitizer. Someone with such extreme substance abuse issues doesn’t make a great objective source of information. Besides, if you hate your job, quit and find another one.
i’ve banked with local WFs for ~20 yrs. For the past 8-9 yrs, their customer-facing staff was always changing & high turnover rate. I hear them saying if you work for 6 months you are a senior. The new faces that needed a ‘senior’ approval assisting in larger transactions became one that giving newer guys approval after a few months.
As for me .i hate. Wells fargo.they did us so very wrong. Took pur home of ten uears. And i cant stand the lieing cheating bank.
I don’t believe integrity can be over look for each person who participated. Wells Fargo & US Bank were unscrupulous in there actions to forclouse on my home all employees acted on behalf of the bank even when my complaint was reversed by their top management even so to the point of them denying my participation in the settlements. I was a Black home owner in Los Angeles for 29 years and these folks denied they were holding a mortgage. So they employees are as libel with implementation of this creative banking for a paycheck.
I have been following all the news about Wells Fargo and I was a client there for over five years but the last 2 had so many problems that when I thought the issues were over with I closed my accta. out but I was wrong because the issues were not over. I’m still having a big fight with them but can not get help at all! Does anyone know where I can get help with fighting Wells Fargo for the money they owe me and my kids from my dead husband. They allowed my husbands sister to walk in the bank and get on his accts. 12 days before he past and she had no poa or the papers signed to add her were not notarized and that happened in 12/1/2014 and in June of 2016 they told me she should never have been put on the accts. and gave me what was in the acct on 06/06/2016 but tell me that the money she took out she had a right too. To me that if she should never have been put on the accts. she has not right to the money and should pay back the money.
Take her to court without proper notorized information, being poa, on the account or death certificate she should not have been able to touch the moneys. Yes the bank screwed up BUT since she has the funds take her to court! You have a pretty soild case.
Generally speaking, no one can be added to anyone’s account without : A. Proper identification and signatures from both the account holder and person being added. B. Valid Power of Attorney. Before bankers were allowed to add a person or reveal any information about a person’s account, the POA must reviewed by the company’s legal document team for accuracy. If neither of those procedures were followed she should not have been added. If you were not listed on your husband’s account, you’ll need proper documentation proving your identity, marriage and a death certificate. Visit your local branch and request to review the signature card. Inform them that your husband’s sister may have committed fraud. From that point, they will research it. Fraud isn’t something that’s taken lightly regardless of what’s going with the company.
http://www.consumerfinance.gov/
File a complaint
Doesn’t the Class Action lawsuit against them cover that? If not get a lawyer. That’s fraud the bank is responsible and your sister in law can go to jail. File charges.
Like a lot of road warriors, I have accounts with all the major banks. Wells Fargo, by far, consistently has the worst service. They are continuously after me to sign up for new stuff. I’ve really grown to hate dealing with them.
In the olden days, Californians considered Wells Fargo to be the gold standard, that is, until the out-of-staters bought the bank. Since then there has been a stream of customer unfriendly decisions coming out of WF. This scandal is only the latest.
I worked for WF in 1998. Cross selling was considered part of your job at that time already. The stress was high and sure am glad I resigned. A person does not know what stress you are under until you step back and away. I guess I made a good decision.
I have a prepaid card through WF And they are the most unfriendly bank I have ever had the prepaid card I have is called their easy pay card they don’t like to tell their customers about it bc it doesn’t make them any money the only fee on that card is the monthly fee of $5 and that’s all nothing else have a great day
I dumped Wells Fargo for Ally in 2012. One of the best decisions I’ve made!!